According to the report published by Grand View Research, global healthcare IT market will reach $104.5 billion by 2020, key growth drivers of this market include growing adoption rate of Computerized Physician Order Entry (CPOE), increasing the prevalence of chronic diseases, growing global patient base, and technological advancements in this field.

The global healthcare IT market is anticipated to reach USD 104.5 billion by 2020, according to a new report by Grand View Research, Inc. Increasing demand for enhanced healthcare facilities and introduction of technologically advanced systems are expected to boost industry growth.

Increasing geriatric population prone to chronic diseases resulting into high patient base is triggering the demand for sophisticated healthcare facilities. Furthermore, increasing number of patients requiring home healthcare acts as an effective growth driver for this market.

According to a report published by the U.S. Centers for Disease Control and Prevention (CDC) in 2011, the number of patients needing home healthcare was nearly 4.7 million in the U.S. and is on a constant rise, which is further expected to fuel the healthcare IT market demand.

Advent of technologically advanced software, such as interoperable system and cloud computing, is expected to attract more investors focus on developing integrated healthcare system to curb problems associated with conventional procedures of record keeping. For example, the uses of e-healthcare record system to maintain patient database help to provide instant information about patients’ health in case of emergency.

Telecommunication and telehealth accounted for over 40.0% of the market share owing to the high usage rates in 2013. Introduction of technological advancements such as Teleimmersive Environment for Everybody (TEEVE) and Session Initiation Protocol (SIP) are the factors promoting this segment’s growth.

Electronic Health Records (EHR) is expected to register an upward shift to reach up to USD 26.72 billion in 2020. Growth is primarily driven by the rising demand for integrated information system in the field of healthcare IT. Faster accessibility and low maintenance cost are the two most significant factors contributing towards the rising demand of these EHR systems.

In 2013, North America market was valued at around USD 20.0 billion owing to the factors such as favorable government initiatives pertaining to the introduction of technologically advanced healthcare IT facilities, sophisticated healthcare infrastructure, and increasing patient awareness levels coupled with relatively higher healthcare expenditures in the region.

On the other hand, Asia Pacific healthcare IT market is expected to reach at over USD 19.6 billion by registering lucrative growth rate in 2020. Growth is attributed to the rising healthcare expenditure, larger untapped opportunities, and growing disposable income level.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.